Good morning. El nino, the short version…

http://www.ritholtz.com/blog/2014/06/el-nino-and-rainfall/

This one comes without charts: “Behavioral Economics and Macroeconomic Models”
http://www.federalreserve.gov/pubs/feds/2014/201443/201443pap.pdf

My point exactly: “It took a lot of money to build railroads. It doesn’t take a lot of money to build apps.” (via @pietgautier)

http://johnhcochrane.blogspot.nl/2014/06/summers-on-stagnation.html

The US GDP report.

http://www.businessinsider.com/breakdown-of-horrific-q1-gdp-data-2014-6
http://www.businessinsider.com/why-health-care-spending-in-gdp-obamacare-2014-6

Is this turning into a self sustaining cycle? Profit is used to reduce numbers of shares, which will boost profit per share

http://blog.yardeni.com/2014/06/stock-buybacks-charge-up-bull-excerpt.html

As usual, interesting reading from @went1955. As for the decline of the US: fracking, apparently (second link)…

http://www.oneworld.nl/bloggen/blogs/de-week-tweets/de-week-van-went-tweets-14
http://www.econtalk.org/archives/2014/06/continuing_conv_9.html

African Merger & Acquisition is booming. So you know.

http://blogs.ft.com/beyond-brics/2014/06/25/africa-ma-activity-edges-closer-to-2007-record/

Worrying trend: growth is declining despite higher debt levels. Although Reinhart & Rogoff would say because…

http://blogs.wsj.com/economics/2014/06/24/asias-sputtering-growth-engine/

Remind me to read this one later: “Low interest rates and secular stagnation: Is debt a missing link?”

http://www.voxeu.org/article/low-interest-rates-secular-stagnation-and-debt

Same for this one: what is the equilibrium level of debt?

http://www.federalreserve.gov/econresdata/notes/feds-notes/2014/deleveraging-is-it-over-and-what-was-it-20140624.html

This is actually getting interesting….

http://www.zerohedge.com/news/2014-06-25/goldman-issues-kiss-death-usa-81-likely-reach-world-cup-knockouts

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